WalletConnect Stops its Services in Russia
WalletConnect halts its services in Russia, following U.S. guidelines. The decision also briefly affected parts of Ukraine.
WalletConnect, a company that links crypto wallets like MetaMask, has stopped services for customers in Russia.
On platform X, WalletConnect announced the decision, saying it followed new rules from OFAC (U.S. Treasury's Office of Foreign Assets Control). OFAC gives guidelines on how to deal with money and countries that face sanctions.
WalletConnect's boss, Pedro Gomes, said they made this decision on Monday. Since 2021, OFAC has been watching the movement of crypto in Russia. The Russia-Ukraine war has made more countries put sanctions on Russia.
In 2021, OFAC wanted virtual money businesses to follow the same rules as banks to avoid breaking sanctions.
Gomes also talked about Ukraine. He said they temporarily stopped services in Ukraine but then started them again in some parts of the nation not under sanctions. He clarified that they only blocked Russia and some parts of Ukraine, not other countries.
